For the older ones, savings are a must because they can't take any longer risk unless they've got a huge savings that they can attain to lose money by taking risks with investments. It's best for the younger ones to invest at an early stage because they can attain to make mistakes and they can recover eventually, that's why the old ones are good to have with what's left on them if they ever have saved and invested at their young age. And as they grow old, it's best to them to just enjoy the profits they've made to enjoy life.
Yes of course the elderly cannot or should not take risks in their old age considering the financial risks the propensity to make mistakes and the loss of support. Because human productivity is not always the same in every stage of life. But before getting old we all should be interested in investing keeping in mind all the limitations of old age considering the time and opportunity in the right place and saving some money so that in old age we can enjoy the investment dividends.
Yes, they're already on their stage of life that they are going to be dependent to their life savings, benefits, pensions and if they've got businesses and other passive incomes. That's why they can no longer take risk and if they've done when they're younger, that's good. But if they're only going to be dependent on some things, the benefits that they can get from government is also a good one that they can have on. However, relying to those is hard when cost of everything and living nowadays are keep on increasing.